revolving letter of credit

revolving letter of credit

A letter of credit that self-renews by providing for a continuing line of credit that the beneficiary periodically draws on and the bank customer periodically repays.

? A revolving letter of credit is used when there will be multiple drafts under a single transaction or multiple transactions under a single credit. ¡ª Abbr. RL/C.


What is the legal equivalence of revolving letter of credit in Chinese?
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